Daily Markets Briefing: STI down 0.1%

Expect more losses today.

According to OCBC, renewed weakness in Wall Street on Friday could continue to weigh on local sentiment, sparking further profit-taking this morning; Nikkei opened 0.8% lower.

Here's more from OCBC:

As expected, the STI had difficulties in trying to stay above the key 3357 level once again; this paves the way for a deeper pullback towards 3302 or even 3267.

On the upside, we expect 3375 to be the next hurdle, while 3400 will be the psychological barrier to clear.

Meanwhile, the continued decline in crude prices is likely to weigh further on the oil & gas stocks as well as commodities, including CPO.

As before, we advise caution with regards to the recent run-up in penny plays, given the lack of fundamentals.

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